Brac Bank unveils loan scheme for ICT, ITES entrepreneurs

Brac Bank Limited in collaboration with Bangladesh Association of Software and Information Services (BASIS) has launched a special financial package – Digonto – in bid to extend support to the BASIS members.

Digonto will enable the ICT and ITES entrepreneurs to access to finance for their businesses expansions and fixed-asset purchases, said a media statement issued on Sunday.

With Digonto package, the bank will grant unsecured and partially-secured loans up to Tk1 crore for the eligible Basis members.

This is a unique funding initiative aimed to support the ICT sector in the country.

Brac Bank Managing Director Selim RF Hussain and BASIS President Syed Almas Kabir jointly unveiled the new loan scheme through a virtual event on Saturday.

Salman F Rahman, private sector industry and investment advisor to the Prime Minister joined the programme as the chief guest.

Ahmed Jamal, deputy governor of Bangladesh Bank, and Sheikh Fazle Karim, president of FBCCI joined the event as special guests.

Syed Abdul Momen, head of SME at Brac Bank presented the Digonto package to the audience and explained how the model will support the BASIS members.

Speaking at the event, Salman F Rahman thanked both BASIS and Brac Bank for taking up this initiative.

"The IT sector is undoubtedly one of the key role players in realising the vision of a Digital Bangladesh. Only the visionary banks and organisations can take such a bold step and offer such a comprehensive and structured loan package to extend support for this promising industry. I believe this will be an example for others to follow."

Ahmed Jamal, deputy governor of Bangladesh Bank said, "BASIS is doing a wonderful job by working for the betterment of their member organisations."

"Most of the ICT entrepreneurs are young and it is often difficult for them to give collateral at this age. I would like to thank Brac Bank for coming forward with loan scheme for the young entrepreneurs. I hope this will help the BASIS members to overcome the Covid-19 impact," he added.

Sheikh Fazle Karim, President of FBCCI said, "Digonto could be a role-model to ensure access to finance and bring about holistic changes across all industries to realise the dream of a Digital Bangladesh."

Commenting on the issue, Selim RF Hussain said, "Digonto is not just a loan facility, it is a complete financial package specially designed for the BASIS members. It will also facilitate the required banking services for stimulus package financing, international payments, global business facilitation and export proceed collection."

Acording to the press statement, Digonto will enable the BASIS members to get single installment loans (SILs) and revolving loans (RLs) besides term loans to facilitate the work-order-based financing of the ICT-based companies. Besides, the women entrepreneurs of BASIS will get loans at a rate of 7 per cent only.

BASIS President Syed Almas Kabir facilitated the event and presided over the discussions.